On Apr 16, 9:58*am, Larry Jaques wrote:
On Fri, 16 Apr 2010 02:32:57 -0500, the infamous F. George McDuffee
scrawled the following:

On Thu, 15 Apr 2010 18:51:39 -0400, Wes
wrote:
snip
What I'm really interested in is can a state or city declare bankruptcy? Government
pension obligations are another ticking timebomb.
snip

Indeed and the ticking is getting louder. *
It appears under ERSIA and the PBGC, some of the pension
obligations of these local/state governments may fall back on the
American taxpayers in the case of bankruptcy/conservatorship, at
least up to the PBGC limits. *It all depends how the state/local
governmental pension plans are legally structured and controlled.
FWIW -- it appears that many of these plans have been "skimmed"
and "looted" just like the private pension plans.

And we haven't heard of a clubbing, shooting, hanging, or
tar-and-feathering of these folks yet. *Interesting.

--
* STOP THE SLAUGHTER! *Boycott Baby Oil!

Are you kidding? One of the guys who helped cause the meltdown is
running in NY against Gillabrand.
He'll probably win, too.


Dave